Smartphone banking, digital banking, app-only banking – whatever you call them, accounts offered by newer challenger banks such as Starling Bank and Monzo have become very popular over recent years because of the convenience they provide as people’s lives shift online.
Unlike traditional banks, digital banks do not have physical branches; indeed, while some do have a website, functionality can be very limited. Instead, you deal with the bank exclusively via your mobile phone – even for things like paying in a cheque, should you ever get one again. And if you need to pay in cash, you may be out of luck, though both Monzo and Starling do accept cash deposits.
